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Who Owns Oil-Dri Corporation of America?
Understanding a company's ownership is key to grasping its direction and accountability. For Oil-Dri Corporation of America, the founding family's influence remains a significant aspect of its ownership story.
Oil-Dri, founded in 1941, is a global leader in sorbent products, utilizing extensive mineral reserves for diverse applications, including popular consumer items like cat litter. As of 2025, the company reports an annual revenue of $470 million USD.
Who holds the reins at Oil-Dri?
Who Founded Oil-Dri?
Oil-Dri Corporation of America's journey began in 1941, established by Nick Jaffee in Chicago, Illinois. Jaffee's early exposure to his father's business in furs, hides, and junk provided a foundation for his entrepreneurial endeavors. The company's iconic 'slipping man' trademark was also conceived by Nick Jaffee in the founding year, a symbol that continues to represent the brand.
| Event | Year | Details |
|---|---|---|
| Company Founded | 1941 | Nick Jaffee establishes Oil-Dri Corporation of America. |
| Trademark Created | 1941 | Nick Jaffee designs the 'slipping man' trademark. |
| Incorporation in Illinois | 1946 | The business structure shifts to an incorporated entity. |
| Sole Ownership by Jaffee | 1949 | P. D. Jackson sells his share to Nick Jaffee. |
| Succession to Son | 1962 | Richard Jaffee takes over after his father's passing. |
| Incorporation in Delaware | 1969 | The company reincorporates in Delaware. |
Founder's Vision
Nick Jaffee's early involvement in his family's business shaped his approach. His vision centered on extracting value from sorbent minerals, a core principle that guided early product development.
Early Ownership Transition
Initially a partnership, Oil-Dri saw a significant ownership change in 1949. Nick Jaffee became the sole owner after purchasing P. D. Jackson's stake.
Family Legacy
Following Nick Jaffee's death in 1962, his son Richard Jaffee assumed leadership. Richard had joined the company full-time in 1958 and became the second president in 1960, continuing the family's influence.
Pioneering Products
The founding team's commitment to sorbent minerals led to innovative products. Terra Green Soil Conditioner launched in 1962, followed by Agsorb Carriers in 1965.
Corporate Evolution
The company's legal structure evolved from an Illinois partnership to an Illinois corporation in 1946. This was followed by a reincorporation in Delaware in 1969, reflecting its growth.
Founding Era Impact
The early years established a strong foundation for Oil-Dri, marked by entrepreneurial drive and a focus on mineral-based solutions. The Jaffee family's deep involvement from the outset shaped the company's enduring culture.
The early ownership of Oil-Dri Corporation of America was characterized by the singular vision and dedication of its founder, Nick Jaffee. His entrepreneurial spirit, honed through early family business experiences, was instrumental in establishing the company in 1941. The 'slipping man' trademark, created by Jaffee in the same year, remains a testament to his foundational contributions. The company's transition from a partnership to a corporation, and the eventual sole ownership by Nick Jaffee in 1949, solidified his control. Upon his passing, leadership transitioned to his son, Richard Jaffee, ensuring a continuation of the family's legacy and strategic direction, as detailed in the Brief History of Oil-Dri. This family-centric control from the inception of the company has been a defining aspect of its ownership structure throughout its history.
Key Ownership Milestones
The ownership of Oil-Dri Corporation has a clear lineage tracing back to its founder, Nick Jaffee. This history highlights key moments that shaped the company's control and direction.
- Nick Jaffee founded Oil-Dri Corporation of America in 1941.
- Nick Jaffee became the sole owner in 1949.
- Richard Jaffee, Nick's son, assumed leadership in 1962.
- The Jaffee family's involvement has been continuous since the company's inception.
- The company incorporated in Illinois in 1946 and later in Delaware in 1969.
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How Has Oil-Dri’s Ownership Changed Over Time?
The ownership structure of Oil-Dri Corporation of America saw a significant shift when it transitioned to a public entity, listing on the New York Stock Exchange (NYSE) under the ticker ODC on December 20, 1993. This move was primarily to address the company's increasing capital requirements.
| Ownership Aspect | Details |
| Going Public | Listed on NYSE on December 20, 1993, under ticker ODC. |
| Jaffee Family Control | Maintained substantial control through a dual-class share structure with super-voting shares (Class B Common Stock). In 1995, the family owned 30% of stock and all voting stock. |
| Current Stakeholders (as of Q1 2025) | Institutional investors, mutual funds, pension funds, individual insiders, and the general public. |
| Institutional Holdings (as of Q1 2025) | Collectively owned 49.01% of the company's stock. |
| Notable Institutional Investors (as of July 2025) | Allspring Global Investments Holdings LLC (increased stake by 87.2% to 16,876 shares), Cardinal Capital Management (increased stake by 99.9% to 95,433 shares). Rhumbline Advisers and Janney Montgomery Scott LLC also increased holdings. |
Despite its public trading status, the Jaffee family continues to exert significant influence over Oil-Dri Corporation's strategic direction and governance, largely due to its ownership of super-voting shares. This dual-class structure is a key factor in understanding who owns Oil-Dri and how its major decisions are made, even with a broad base of public shareholders.
Key Ownership Dynamics
The Oil-Dri Corporation ownership is characterized by a blend of family control and institutional investment. This structure ensures that while the company is publicly traded, the founding family retains a strong voice in its operations.
- The Jaffee family holds significant voting power through Class B shares.
- Institutional investors collectively own a substantial portion of the company's stock.
- Recent data shows increased holdings by major institutional players.
- The dual-class share system is central to the Oil-Dri stock ownership.
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Who Sits on Oil-Dri’s Board?
The Board of Directors at Oil-Dri Corporation of America is structured to balance family stewardship with external expertise. Key leadership roles, such as Chairman of the Board and President and CEO, are held by members of the founding family, ensuring continuity and a deep understanding of the company's heritage. This governance model is further supported by a team of executive officers and independent directors who bring diverse skills and perspectives to the table.
| Name | Title |
|---|---|
| Richard M. Jaffee | Chairman of the Board |
| Daniel S. Jaffee | President and Chief Executive Officer |
| Susan M. Kreh | Chief Financial Officer |
| Aaron Christiansen | Vice President and General Manager, Consumer Products Division |
| Jessica R. Moskowitz | Vice President, General Counsel and Secretary |
The voting power within Oil-Dri Corporation of America is notably concentrated due to its dual-class share structure. The Jaffee family, through ownership of Class B Common Stock, holds super-voting rights. This arrangement grants them significant control over corporate decisions, including the election of directors and the approval of major strategic initiatives, even as other classes of stock are publicly traded. This structure is a key element in understanding Oil-Dri Corporation ownership and who owns Oil-Dri.
Understanding Voting Power
The dual-class share system is a critical factor in Oil-Dri stock ownership. It ensures that the founding family maintains a strong influence over the company's direction.
- Class B Common Stock carries super-voting rights.
- This structure impacts Oil-Dri private ownership dynamics.
- It allows for continued family oversight in major decisions.
- This is a common strategy for companies with a long family history.
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What Recent Changes Have Shaped Oil-Dri’s Ownership Landscape?
Over the past 3-5 years, Oil-Dri Corporation of America has shown strong financial performance, influencing its ownership structure. The company's consistent growth and strategic acquisitions have attracted increased interest from institutional investors, indicating confidence in its long-term prospects.
| Fiscal Year 2025 (Q3) | Fiscal Year 2024 | Trailing Twelve Months (TTM) 2025 |
| Consolidated Net Income: $11.6 million (50% increase YoY) | Revenue: $0.46 billion USD | Revenue: $0.47 billion USD |
| Revenue: 8% increase YoY (16th consecutive quarter of sales growth) |
Recent developments show a dynamic ownership landscape for Oil-Dri Corporation. Institutional investors have been actively adjusting their holdings, with significant increases reported by entities like Allspring Global Investments Holdings LLC and Cardinal Capital Management in the first quarter of 2025. This heightened institutional engagement, coupled with the company's sustained operational success and commitment to shareholder returns, including 22 consecutive years of dividend growth, points to a positive outlook for Oil-Dri stock ownership.
Institutional Investor Activity
In Q1 2025, institutional investors like Allspring Global Investments Holdings LLC increased their stake by 87.2%, and Cardinal Capital Management boosted ownership by 99.9%. This reflects growing confidence in the company's trajectory.
Financial Performance Highlights
The company achieved record third-quarter results in fiscal year 2025, with net income up 50% year-over-year. Revenue growth of 8% in the same quarter marks the 16th consecutive period of year-over-year sales increases.
Dividend Growth and Recognition
Oil-Dri has maintained 22 consecutive years of dividend growth, with a 16% increase as of June 2025. The company was also recognized on Forbes' 2025 List of America's Most Successful Small-Cap Companies for the second year running.
Strategic Growth Drivers
The company's revenue growth is attributed to organic expansion and strategic acquisitions, such as the purchase of Ultra Pet Company, Inc. These efforts contribute to the overall stability and appeal of Oil-Dri Corporation ownership.
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